A shakeup in the shareholding structure of a major IT player. "We managed to have our cake and eat it too."
- For several months now, Asseco Poland has had a new majority shareholder, the international IT group Total Specific Solutions.
- "Adam Góral made it clear from the very beginning of negotiations with the Canadians: the company was to remain a Polish company, listed on the Polish stock exchange. Maintaining its Polish identity was key here," Artur Wiza tells WNP.
- Our source points out that from an operational perspective, the transaction doesn't introduce any changes. "What does change, however, is the introduction of a certain freshness to the concept for the coming years," adds the vice president of Asseco Poland.
In early October, TSS acquired another 14.84% of the share capital of the Rzeszów-based IT company. As a result, TSS now holds a total of 24.8% of the share capital, making it the largest shareholder in Asseco Poland.
Asseco's CEO and founder, Adam Góral, currently holds a 10.01% stake in the company's capital through a family foundation. Under a bilateral agreement, TSS cannot exceed a maximum stake of 27.96% in Asseco Poland's share capital.
TSS acquired shares from Cyfrowy Polsat at a price of PLN 85 per share. On the date of this publication (October 29) , one share of Asseco Poland costs PLN 214.
The need to preserve Polishness in an international environmentWhen it comes to this year's reshuffle in Asseco Poland's shareholder structure and the resulting changes – including the dynamic increase in the stock market valuation – can we say that Adam Góral managed to "eat his cake" and still have it?
Asseco Poland has gained a shareholder who brings extensive experience and know-how to the company. Above all, however, stability has been ensured. TSS is a minority investor, and it's worth emphasizing that.
Under the agreement signed with Adam Góral, TSS cannot independently exceed approximately 28% of Asseco's shareholding. This is a significant safeguard for the company's Polish identity – the management board will remain Polish, as will the majority of the supervisory board. Therefore, we will be able to maintain the status quo that Adam Góral most desired – for Asseco Poland to remain a Polish company listed on the Polish stock exchange .
The new investor undoubtedly gave us a "boost" in terms of a broader presence among foreign investors who, until then, had no idea what Asseco was and hadn't considered the Polish stock exchange. From an investment perspective, this allowed for increased share liquidity and increased the company's value. One could say that Adam Góral managed to "eat his cake and still have it."
Well, from an investment perspective, a relatively large amount has changed within Asseco itself and around the company. But what about operationally? Does the new shareholder intend to interfere with ongoing operations?
"Operationally, this doesn't introduce any changes. What's crucial is that the foundation, the succession planned for the end of 2026, will take place. However, what does change is the introduction of a certain freshness to the concept for the coming years."
We want to continue to grow rapidly, so TSS's aforementioned know-how and experience—acquisitions and finance—could prove very valuable to us. And the new investor openly admits that they intend to support us in implementing our chosen strategy.
Will it be easier to acquire foreign companies with such a shareholder? You haven't had any problems with this aspect so far.
"TSS doesn't contribute additional capital, but it does offer us the opportunity to improve our processes. Their acquisition team is several times larger than ours and has completed over a thousand acquisitions, so despite our relatively extensive experience in this area, we have someone to learn from. Therefore, we want to fully leverage their knowledge and experience, but also incorporate it into our culture and DNA."
A new shareholder with an evolutionary, not revolutionary, approachAs for what went on behind the scenes, were these difficult negotiations? Did the final shape of the agreement emerge after a lengthy negotiation process, or was the vision relatively consistent from the outset?
"These were very difficult negotiations, and everyone had precisely defined expectations. However, Adam Góral made it clear from the very beginning: Asseco Poland was to remain a Polish company, listed on the Polish stock exchange . Maintaining the Polish identity was key here. TSS, in turn, clearly indicated that our operating model—our products, our approach to the customer—suited them very well. This ensures continuity—prevents disruption, allowing us to grow organically, through evolution."
So what will your vision and strategy for the future be based on?
As I mentioned, we see TSS's willingness to support us in consistently building a strong and geographically diversified Polish IT group. This ensures that Adam Góral's vision—which will be continued by Rafał Kozłowski after his transition to the supervisory board—continues to be the foundation of our operations.
With the new shareholder, we will build something that will be of value not only to customers and employees, but above all to shareholders who have been with us on the stock exchange for over 20 years and who – especially in recent months – can enjoy a significant increase in the company's value.
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